Housing research funded by the International Center for Finance
Paul Goldsmith-Pinkham
Assistant Professor of Finance
Gender Gap in Housing Returns
(with Kelly Shue, JF 2023)
Housing wealth is the dominant form of savings for US households
Unlike stocks, housing is illiquid, heterogeneous, and priced through negotiation
Research showing gender differences in preferences for risk and negotiation
Single women have lower returns than single men
Even conditional on market timing
50 million housing transactions (thanks to Yale ICF data purchases)
Annual 2p.p. gap between single men and single women
Decreases to 0.9p.p. after controlling for market timing
Non-market timing effect is driven by negotiation
Female sellers sell for less
More so to men
Male sellers sell for more
More so to women
Gender gap in returns disappears with holding length
Heterogeneous Real Estate Agents and the Housing Cycle
(With Sonia Gilbukh, R&R at RFS)
Many inexperienced agents thanks to free entry
and commission structure
Experience has biggest effect during crash
Big effects above and beyond price
And even had impacts on subsequent foreclosure rates
Other work in progress thanks to the ICF
Housing
How does affordability and mobility affect housing?
Algorithms and Lending
How do algorithms affect lending?
How does competition between algorithms affect lending?
Consumer bankruptcy and intermediaries
How do bankruptcy lawyers affect the bankruptcy filing process?